American Assets Trust, Inc. (NYSE:AAT) Q4 2022 Earnings Conference Call February 7, 2023 11:00 AM ET

Company Participants

Adam Wyll - President & Chief Operating Officer

Bob Barton - Chief Financial Officer

Steve Center - Senior Vice President of Office Properties

Abigail Rex - Vice President, Multifamily, San Diego

Conference Call Participants

Haendel St. Juste - Mizuho

Adam Kramer - Morgan Stanley

Operator

Good day. As a reminder, today's conference call is being recorded. Please note that statements made on this conference call include forward-looking statements based on current expectations, which are subject to risks and uncertainties discussed in the company's filings with the SEC.

You are cautioned not to place undue reliance on these forward-looking statements as actual events could cause the company's results to differ materially from those forward-looking statements.

It is now my pleasure to introduce your host Mr. Adam Wyll, President and COO for American Assets Trust. Thank you. Mr. Wyll, you may begin.

Adam Wyll

Thank you. Good morning everyone. Welcome to American Assets Trust Year-End and Fourth Quarter 2022 Earnings Call. Yesterday afternoon our earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of our website, americanassetstrust.com.

At this point, I would typically turn the call over to our Chairman, Ernest Rady, but he's a bit under the weather today, so I'm going to read his prepared remarks and begin the discussion of our year-end and fourth quarter 2022 results.

I would first like to wish all of our stakeholders continued health, safety, and prosperity and express my sincere appreciation for your continued support of American Assets Trust through these most extraordinary times.

As you've heard me say before our disciplined business decisions are predicated on taking a long-term view that we believe will support the growth of our earnings and drive shareholder wealth creation.

We remain encouraged and optimistic with the high-quality irreplaceable properties and asset class diversity of our portfolio. We believe this combined with the strength of our balance sheet, ample liquidity, top-notch management team, not to mention a very nimble and efficient operating platform, will allow us to continue growing our earnings on an accretive basis and contribute to our outperformance over the long-term.

Meanwhile as the Federal Reserve is persistent in its ongoing attempt to tame inflation caused by the unprecedented fiscal stimulus enacted by the federal government, we are confident in our thesis of our portfolio being an effective protection against inflation, which will provide a tailwind of sorts to our rents, not to mention the rising replacement costs of our properties and reinforce the increasing flight to high-quality assets like the ones we own that are in the path of growth, education, innovation, and mass transportation.